Construction is officially underway on Eastpoint Flats, a major affordable housing development that city leaders, developers and housing advocates say will help shape the future of Nashville’s East Bank while providing long-term housing opportunities for working families.

The Fallon Company and Elmington Capital joined Metro Nashville officials, community leaders and residents on June 1 to break ground on the project, which will become the first 100% affordable housing development within the Eastpoint neighborhood district currently taking shape on the East Bank.

When completed, Eastpoint Flats will include 323 income-restricted apartments, an 8,420-square-foot childcare center and approximately 12,600 square feet of retail space. The project is located on Parcel G within the Eastpoint development area and is the first of several planned phases for the emerging mixed-use neighborhood.

What makes the project particularly significant, officials said, is a landmark 99-year ground lease agreement between Metro Nashville and the development team. The lease is designed to preserve affordability for nearly a century, protecting the housing from future market pressures and helping ensure that generations of residents will have access to affordable homes in one of the city’s most anticipated redevelopment districts.

Michael Fallon, CEO of The Fallon Company, said the groundbreaking marks an important milestone not only for the Eastpoint project but also for the broader vision for the East Bank.

“Eastpoint Flats delivers on our commitment to lead with affordability,” Fallon said. “We are grateful to partner with Metro Nashville, the East Bank Development Authority and Elmington Capital to bring 323 affordable homes, childcare and retail to the East Bank. The 99-year ground lease keeps these homes affordable for nearly a century, and we look forward to building the rest of Eastpoint around them.”

The East Bank has been the focus of extensive planning efforts in recent years as city leaders seek to transform hundreds of acres of underutilized land along the Cumberland River into a vibrant district featuring housing, businesses, public spaces and transportation improvements. A key component of that vision has been ensuring that affordability remains a central part of future development.

Mayor Freddie O’Connell said Eastpoint Flats represents a major step toward achieving those goals.

“Today’s groundbreaking represents a powerful step toward realizing the vision of Imagine East Bank—creating places where Nashvillians can find a home they can afford and a community that supports their daily lives,” O’Connell said. “By pairing a century’s worth of affordable housing with onsite childcare, we’re not just building homes—we’re building stability, opportunity and a better quality of life for working families.”

O’Connell added that affordability must remain a foundation of the East Bank’s future growth.

“Affordability is the foundation of a thriving East Bank, and this project shows how we can grow as a city while ensuring everyone has a place in our future,” he said.

Elmington Capital, a Nashville-based company with a national affordable housing portfolio, will lead development of the residential component. Company officials said the combination of housing, childcare and neighborhood-serving retail will help create a community where residents can access essential services close to home.

“We’ve delivered thousands of affordable housing units over the years not only in Nashville but across the country,” said Hunter Nelson, partner at Elmington Capital. “However, this project stands out and is unique in so many ways, which is why we are so excited for construction to begin.”

Nelson said the project’s mixed-use design will help foster a sense of community while addressing multiple needs facing working families.

“The combination of a substantial amount of affordable housing, a day care center and neighborhood retail will help create a community on the East Bank that is inclusive and inviting,” Nelson said. “We are proud to partner with The Fallon Company to deliver it.”

The groundbreaking ceremony drew a large crowd of elected officials, East Bank Development Authority board members, Metro employees, neighborhood residents and business leaders. Additional speakers included Michelle Brown of Amazon, Johnny Moore of Truist, Ralph Perrey of the Tennessee Housing Development Agency and East Bank Development Authority CEO Ben York.

Officials say Eastpoint Flats is expected to serve as a model for future phases of development by demonstrating how affordable housing can be integrated into large-scale urban redevelopment projects.

As construction begins, city leaders hope the project will not only provide much-needed affordable housing but also establish a foundation for a more inclusive and accessible East Bank community for decades to come.